Russian manufacturing runs out of steam in December: PMI
MOSCOW (Reuters) - Russian manufacturing growth ran out of steam in December, dragged down by weaker rises in new orders and production, a survey showed on Thursday, suggesting the economy is slowing down.
The HSBC purchasing managers' index's (PMI) headline reading fell to 50.0 points - the exact point separating expansion from contraction - from 52.2 the previous month.
"Stabilization, not stagnation - this is how we interpret the results ... over-production was blamed for why factory output was so weak in December. Therefore, producers were adjusting for softer Russian economic growth," said Artem Biryukov, economist for Russia and CIS at HSBC.
The economy is expected to grow 3.2 percent in 2013, down from 3.6 percent estimated for 2012, due to weaker exports, tightened budget expenditures and a more cautious consumer spending, a Reuters poll showed on Monday.
The PMI index for new export orders fell to its lowest point in more than two years, leading to a near-stagnation in output growth.
The data comes after a pick-up in manufacturing activity in November, when growth in industrial production strengthened to 1.9 percent year-on-year in November, ending a downtrend dating back to August.
"Resumption of stronger growth is still on the agenda, as we estimate moderate stock levels in the manufacturing sector," Biryukov added.
-Detailed PMI data are only available under license from Markit and customers need to apply to Markit for a license.
To subscribe to the full data, click on the link below:
For further information, please phone Markit on +44 20 7260 2454 or email firstname.lastname@example.org
(Writing by Maya Dyakina, Editing by Hugh Lawson)
- Tweet this
- Share this
- Digg this
- Malaysia Airlines plane missing at sea off Vietnam, presumed crashed
- UPDATE 3-U.S. FDA probes cognitive impact of new cholesterol drugs
- CORRECTED-UPDATE 4-Malaysia Airlines plane crashes in South China Sea with 239 people aboard - report
- Ukraine standoff intensifies; Russia says sanctions will 'boomerang'
- Malaysian plane with 239 aboard crashes - report
PLANE GOES MISSING
A Malaysia Airlines flight carrying 227 passengers and 12 crew went missing over the South China Sea on Saturday, presumed crashed, as ships and planes from countries closest to its flight path scoured a large search area for any wreckage. Full Article